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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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NZGBS: Sharply Cheaper After The RBNZ Lifts OCR Profile Out To Mar’25
NZGBs are sharply cheaper after the RBNZ left the OCR unchanged at 5.50% but lifted the OCR profile 20bps for Mar’25. The RBNZ believes the OCR will need to stay restrictive so that demand growth remains subdued and inflation returns to the 1-3% target range. Additionally, the RBNZ maintained it forecast that inflation will return to the 1-3% target by Q3 2024 but the level was nudged up to 2.9% from 2.7% previously. The RBNZ forecasts show no rate cut until mid-2025.
- Swap rates 6-12bps higher since the decision, with the 2s10s curve 6bps flatter.
- RBNZ dated OIS pricing is 4-9bps firmer across meetings beyond Feb’24 after the decision.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.